Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Venezuela's Maduro says recall vote will be in 2017 at earliest

Published 06/11/2016, 07:30 PM
Updated 06/11/2016, 07:40 PM
© Reuters. Venezuela's President Nicolas Maduro greets supporters as he arrives to an event for handing over houses in Caracas

CARACAS (Reuters) - Venezuelan President Nicolas Maduro said on Saturday that a potential recall referendum against him would be in 2017 at the earliest, pushing back against growing opposition pressure to have the vote this year.

If Maduro, a socialist, were to lose a recall referendum in 2016, a new presidential election would be held. If it only occurs next year, his vice president would replace him in the event of a loss.

"There will be no blackmailing here. If the recall referendum's requirements are met, it will be next year and that's it," Maduro said on state television.

"If the requirements aren't met, there will be no referendum and that's it," he added.

Adversaries of the ruling Socialist Party say a subservient election board is seeking to stall the referendum to recall Maduro, who is facing heavy criticism due to a deep recession, the world's highest inflation and Soviet-like shortages of food and other basic items.

In a small step in the opposition's effort to remove Maduro, the election board said on Friday it will begin a process of validating the signatures of citizens seeking the referendum, one of the requirements necessary to proceed to a vote.

Opposition leaders are warning that a referendum must be allowed to keep public anger over the political and economic crisis in the country from spilling over.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.